Whats the used car interest rate

[wnaplay1647545503]

My little brother cant get a loan so he wants me to cover him on a used car. Whats the going interest rate right now? Oh yeah I am charging him interest. Thanks

[rch10007]

http://www.bankrate.com/

[DTM Brian]

I just refinanced the Z06 through Telhio at 5.84% for 60 months. Now National City wanted 11.5% LOL

[John Bruh]

u need to know his credit score

[John Bruh]

i have several banks i deal with that are in the hight 5's

[evan9381]

depends on credit, year of car, value, etc

 

my brother bought an 05 scion XA in november, he has 0 credit, dealership gave him 24% interest through toyota financial. when i heard about it, i about slapped my mom for letting him sign for that (315/mo for 72 months, on a sub 12k car with tax/title/tags). we went to my bank and i signed with him on the loan and got it down to like 8.5% for 66 months (232/mo for 66 months...a 6 month shorter loan and 85$/mo less!)

 

when i was searching around may when my old car got totalled, my bank gave me rates for the years they would finance...the older the car i was looking at, the higher the rate was, and the shorter the term

 

ie -

2002 - 10.4%, 48mo

2003 - 9.9%, 48 mo

2004 - 9.4%, 54 mo

2005 - 8.9%, 60 mo

2006 - 8.4%, 60 mo

2007 - 7.9%, 66 mo

2008+ - 7.4%, 72 mo

 

just examples

[dragknee66]

And seriously people wonder why the FUCK this economy BLOWS.

24% on a car.. WHAT THE FUCK OVER.

That is completely insane.

Again we all wonder why credit is fucked everywhere.

[Drewhop]

We charge 21% interest to people that have sub 600 credit scores. But we are buy here pay here.

[John Bruh]

depends on credit, year of car, value, etc

 

my brother bought an 05 scion XA in november, he has 0 credit, dealership gave him 24% interest through toyota financial. when i heard about it, i about slapped my mom for letting him sign for that (315/mo for 72 months, on a sub 12k car with tax/title/tags). we went to my bank and i signed with him on the loan and got it down to like 8.5% for 66 months (232/mo for 66 months...a 6 month shorter loan and 85$/mo less!)

 

when i was searching around may when my old car got totalled, my bank gave me rates for the years they would finance...the older the car i was looking at, the higher the rate was, and the shorter the term

 

ie -

2002 - 10.4%, 48mo

2003 - 9.9%, 48 mo

2004 - 9.4%, 54 mo

2005 - 8.9%, 60 mo

2006 - 8.4%, 60 mo

2007 - 7.9%, 66 mo

2008+ - 7.4%, 72 mo

 

just examples

 

 

 

 

the bank i deal with 2000-2009

5.99%

year sets term length

2000= 42-48mo

2007+= 72mo.

[dragknee66]

We charge 21% interest to people that have sub 600 credit scores. But we are buy here pay here.

 

 

 

Are you another one of those lots that will let someone pay almost the whole car off and then at the end of the loan say "you had 1 late payment so were taking the car back from you".

That seems to be a common shady practice of like 99.999999% of the buy here pay here scam lots that are around here.

 

Not saying YOU would do this too though

[wnaplay1647545503]

20%+ is the reason he wants to borrow from big brother. I will only charge him probably 6%.

[starkmaster03]

I just bought my truck in mid Dec. It's a 2005 and most banks wanted 8.25 but at the credit union I joined I got 6.24 for 66 months and I could of went to 72 for the same APR.

[Rotarded1647545491]

Credit unions are your friend these days. I purchased my 04 in July at 6.25% x 48mos from BMIFCU. A week later 1st Service Credit Union had a loan transfer special at 4.25% x 48mos.

[HAOLE]

My little brother cant get a loan so he wants me to cover him on a used car. Whats the going interest rate right now? Oh yeah I am charging him interest. Thanks

 

If your brother cant get a loan there is a reason. You better be prepared and financially able to cover the note if you do that. My advice is two fold. If you need a loan you cant afford it anyhow. Dont ever cosign for someone, family or not!!!!!!

[evan9381]

with my brothers, his car payment is low enough that if he drops the ball, i can cover it, and with the $ he put down, i think i KBB'd the value at about grand or two over what the loan is for, so i could probably sell without losing my ass if needed

 

i also made him sign an agreement stating he would refi in no more than 2 years once he got credit built up, even if his rate goes up a bit, so its not on mine for the full 6 years.